Yesterday was a positive day for the crypto markets, with many cryptocurrencies surging to recover some of their recent losses. Despite this, the markets were not able to maintain their upwards momentum, and all major cryptocurrencies have dropped today, with Ripple (XRP) surrendering a portion of its recent gains.
Many analysts believe that the crypto markets could see further gains in the near future, assuming that Bitcoin is able to maintain within the $3,400 region.
After falling below $3,550 earlier this week, Bitcoin found support at $3,400, which was a surprise to many analysts who expected it to drop down towards its 2018 lows that are set at approximately $3,200.
After touching $3,400, Bitcoin bounced slightly towards its current price levels around $3,450. Although its inability to break back above $3,500 does appear to be negative, many analysts expect that the crypto markets could see further gains in the near future as Bitcoin ranges between $3,400 and $3,500.
Luke Martin, a popular cryptocurrency analyst, spoke about how he sees the markets unfolding in the near-future in a recent tweet, noting that the crypto markets may see some gains as long as Bitcoin can remain stable above $3,430.
“$BTC above 3430 is a good thing for alts as well. As long as price trades above this level or moves higher expecting majors that dumped this weekend to see turn around with mid caps following. Breaking below 3430 again invalidates,” he said.
Today, however, Martin also noted that Bitcoin’s chart currently looks “ugly,” which could lead to a drop below $3,430, which may lead altcoins to break downwards.
“The $BTC chart is ugly, to put it kindly. At least we get a new monthly tomorrow…”
Mayne, another popular cryptocurrency trader on Twitter, shared a similar sentiment to Martin regarding various cryptocurrencies possibly climbing so long as Bitcoin stabilizes.
“$BTC… I like this daily close. I had a bunch of longs from 2 days ago that I closed yesterday foolishly… Only one left open was an $XRPUSD long from $28 cents. Opened a $BTC long on the first H4 close thru $3430, let’s see what happens,” Mayne explained yesterday afternoon.
The general crypto markets have cooled off today following yesterday’s market surge that sent many cryptocurrencies up 4% or more.
At the time of writing, Ripple (XRP) is trading down over 2% at its current price of $0.311. Yesterday, XRP surged from $0.29 to highs of $0.33, which proved to be a level of resistance for the cryptocurrency.
Bitcoin Cash, which also saw some decent gains yesterday, has dropped today, and is currently trading down 1.6%.
Ethereum has dropped just over 1% to its current price of $107.4. Ethereum is currently down significantly from its weekly highs of nearly $118.
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